Q&A continued How are my awards disbursed to my account? Financial aid is usually disbursed to student accounts twice a year, half at the beginning of the fall semester and half at the beginning of the spring semester. Awards will not be disbursed if there are requests for additional information or other requirements are not met. Financial aid that has been disbursed will appear as a credit on your Bursar account. Students may view their Bursar account at myslice.syr.edu. How do I reduce or decline my loans or Federal Teach Grant? To reduce or decline a loan, students must notify the Office of Financial Aid and Scholarship Programs using the online form found on our web site, syr.edu/financialaid. Will my financial aid awards appear on my Bursar bill? The Bursar’s Office bills students on a semester basis for tuition, fees, University housing, and meal plans. The bill lists all University charges, financial aid that is disbursed to a student’s account, and anticipated aid. Anticipated aid is financial aid that is expected to be disbursed to your tuition account, such as Federal Direct Loans, state grants, external scholarships, etc. Does SU require federal income tax returns and other documentation of income? First-year students and transfer students are required to submit income verification documentation. SU utilizes the College Board’s Institutional Documentation Service (IDOC). Students will be notified when income documentation is required via their MySlice Financial Aid To Do List. Do not submit this documentation unless it has been requested. Families are advised to submit requested documentation immediately upon our request in order to confirm your financial aid award. What if my family has special circumstances? If a student (or family) experiences special circumstances that directly affect the ability to pay the bill, our office should be contacted either in writing to the address below, or by e-mail using the online form found on our web site, syr.edu/financialaid. What are the academic requirements to keep my financial aid? Students must maintain Satisfactory Academic Progress (SAP) and full-time status to maintain their eligibility for financial aid. Students must be registered for at least 12 new credits each semester to be considered a full-time student. However, students will need to take an average of 15 credits each semester to graduate in four years. Contact your academic advisor for specific details regarding the requirements in your program. Dropping below 12 credits per semester during the academic year may affect financial aid. Further details regarding SAP can be found on the policy section of our web site, syr.edu/financialaid. How do Veteran’s Benefits affect other financial aid eligibility? If you will be receiving Veteran’s Benefits, you must report this information to our office. Veteran’s Benefits are incorporated into your financial aid eligibility for Syracuse University need-based grant funds. However, your Veteran’s Benefits do not affect your eligibility for federal funds. Tuition-based awards (e.g., Syracuse University merit scholarships, some state awards and some Veteran’s Benefits) cannot exceed the cost of tuition for the academic year. Syracuse University Policies • The Syracuse University Office of Financial Aid and Scholarship Programs reserves the right to modify, change or alter a student’s financial aid award based upon new information, changes to institutional policy, funding levels, processing errors, etc. • Tax returns that students and parents submit will be reviewed. Students may be required to request a copy of the tax return from the Internal Revenue Service. The IRS will be instructed to send this information directly to Syracuse University. Parents who are married and file separate tax returns must provide a copy of both parent’s income tax returns. • The value of all assets and businesses are reviewed for accuracy and will be adjusted if assets appear to be underreported. • Income losses reported on tax returns will be reviewed to determine the impact on the ability of the family to contribute to the students education. • Changes in the number of siblings attending college originally reported on the FAFSA will result in a review of a student’s financial aid award. Adjustments may be made to the original award. • All financial aid is subject to verification. At any time, if additional information conflicts with what was originally submitted on the CSS/Financial Aid PROFILE and/or the FAFSA, or failure to submit requested verification documentation, the original financial aid award may be adjusted or withdrawn. • For the awarding of institutional funds, all undergraduate students who are admitted to the University as dependent students will be considered dependent for the duration of their undergraduate program. • To renew financial aid awards, students must annually file required applications which are listed on the MySlice Financial Aid To Do List. • Syracuse University does not guarantee the accuracy of the TAP estimate and cannot make up any difference between the estimate and the actual TAP award. • Students who are funded through a special program (i.e. Dependent Tuition, ROTC, Higher Education Opportunity Program, Tuition Exchange, Scholarship Athletes, Haudenosaunee Promise) will receive their financial aid according to the policies and regulations associated with those programs. • If you are a Syracuse University merit scholarship recipient, your scholarship may be combined with other tuition based awards, such as your veteran’s benefits or state grants, but cannot exceed the amount of tuition for the academic year. In addition, if you are receiving any Syracuse University need-based grant or scholarship, your total financial aid award cannot exceed the cost of attendance. • The Office of Financial Aid and Scholarship Programs participates in the U.S. Department of Education’s Quality Assurance Program. The Quality Assurance Program allows participating institutions to verify student financial aid application data. Students are randomly selected and must submit the requested documentation. For a complete listing of our financial aid policies, please see the “Policy” section of our web site, syr.edu/financialaid. Access to the Office of Financial Aid and Scholarship Programs Questions? Contact the Office of Financial Aid and Scholarship Programs The Office of Financial Aid and Scholarship Programs is located on the second floor of Archbold North. The second floor of Archbold North is not accessible by elevator. Therefore, if you have a mobility impairment preventing stairway use, please contact our office and we will make arrangements to meet with you at an accessible and convenient location. Office of Financial Aid 200 Archbold North Syracuse NY 13244 315-443-1513 syr.edu/financialaid Office of Scholarship Programs 216 Archbold North Syracuse NY 13244 315-443-1513 syr.edu/financialaid/scholarships Understanding Your Financial Aid Award Notice 2012-2013 WE ARE PLEASED TO SEND YOU your 2012-13 Financial Aid Award All financial aid awards will be considered as accepted when the Notice. This companion publication provides information on your awards, Admissions Acceptance Form is completed and the advanced payments SYRACUSE UNIVERSITY MERIT-BASED SCHOLARSHIPS details Syracuse University’s financial aid policies, and answers frequently are made by the date indicated with the admissions notification. Founders’ asked questions. The Office of Financial Aid and Scholarship Programs is available to Chancellor’s For additional details about your financial aid awards, and to view your answer questions regarding your financial aid award. You may contact us at Dean’s Financial Aid To Do List, go to myslice.syr.edu. You must first activate your 315-443-1513 or via email using our online form found on our web site, Net I.D. (if you have not already done so) at netid.syr.edu. syr.edu/financialaid. ELIGIBILITY BASED ON AWARD AMOUNT* ADDITIONAL INFORMATION Selection is made by Admissions Up to $12,000 Committee and is based on strength of admission application to recognize prior academic achievement. No financial aid application is required for renewal of merit scholarship. Financial need; does not have to be repaid Amount varies Financial aid applications must be filed annually and demonstrate financial need. Federal Pell Grant Federal criteria and high financial need; does not have to be repaid $555-$5,550 Financial aid applications must be filed annually. Federal Supplemental Educational Opportunity Grant (SEOG) High financial need and funding availability; does not have to be repaid Up to $4,000 (average award is $1,000) Financial aid applications must be filed annually. Federal Teacher Education Assistance for College and Higher Edcucation (TEACH) Grant Specific teaching careers in education Up to $4,000 May need to be repaid under certain circumstances. Federal Perkins Loan Financial need and funding availability; repayment required Amount varies; $5,500 maximum per year (average award is $2,000) 5% fixed interest. Financial aid applications must be filed annually. Information regarding the required Master Promissory Note for first-time borrowers will be sent to the student. Repayment begins nine months after leaving school. Federal Direct Student Loan Subsidized Financial need; repayment required Freshman student (0-23 credits) $3,500 Sophomore (24-53 credits) $4,500 Junior (54-83 credits) $5,500 Senior (84+ credits) $5,500 Federal Direct Student Loan Unsubsidized Cost of attendance minus financial aid; repayment required Federal Direct Parent Loan for Undergraduate Students (PLUS) Credit-worthy parents of dependent students; repayment required Cost of attendance minus financial aid Financial need and funding availability Average award is $2,700; does not appear Financial aid applications must be filed as a credit on student bill annually. New York State residents attending full time and financial need $500-$5,000 SYRACUSE UNIVERSITY GRANTS SU Grants FEDERAL FINANCIAL AID PROGRAMS FEDERAL GRANTS Q&A How was my award determined? Financial aid awards are based on information submitted on the CSS/Financial Aid PROFILE and the Free Application for Federal Student Aid (FAFSA). The information is analyzed through a standardized needs analysis process, which calculates the Expected Family Contribution (EFC). Financial aid eligibility (need) is the difference between the cost of attending the University and a student’s EFC. What should I do next? If you have not already done so, submit the Admission Acceptance Form and the advanced payments by the date indicated with your Admissions Notification. Further details and instructions about your awards can be found online at myslice.syr. edu. You must first sign in, then under “Financial Aid,” select “My Financial Aid.” While on MySlice, you should also check your Financial Aid To Do List and complete any listed items. It is important that you frequently check your MySlice Financial Aid To Do List, as we may periodically add items to your list. How can my parent and/or guardian view my MySlice information? A parent/guardian may be granted access to the student’s Financial Aid section of MySlice. To grant access, go to myslice.syr.edu and click on the link, “Set Up Additional Access” under “Share My Access.” What is the “cost of attendance” listed on my award notice? The cost of attendance (COA) is the estimated total amount that it will cost you to attend Syracuse University. The estimated cost of attendance includes the billable costs of tuition and fees, an estimate of costs for housing and meals, and a non-billable allowance for personal needs, travel, books, and supplies. The COA may vary due to program of study, program fees, and your actual housing and meal plan. The COA is provided so students may make informed and appropriate plans for financing their SU education. After financial aid awards are taken into consideration, you are expected to cover all remaining costs. View our web site for further details about your COA. What is the difference between a need-based grant and a merit-based scholarship? Need-based grants are awarded based on the income and asset information submitted on the CSS/Financial Aid PROFILE and FAFSA. Merit-based scholarships are determined on the strength of the admission application without regard to financial circumstances. Once I receive a merit-based scholarship, is it guaranteed for four years? Will the amount of the scholarship increase as costs increase? The amount of a student’s scholarship will remain constant each year for four years, providing any additional resources do not cause the award to exceed the cost of attendance. Students must maintain a minimum cumulative grade point average of 2.75 each year and must enroll for at least 12 credits in order to have the scholarship renewed in subsequent years. I did not receive a merit-based scholarship. When I am an SU student, are there any other scholarships for which I may apply? Yes! The Scholarship In Action Merit Scholarships are awarded in the amount of $6,000 to 11 upper-class students. You must complete two years of study at SU in order to apply. Further details regarding the Scholarship In Action Merit Scholarship are available on the “Syracuse Scholarships” section of our website, syr.edu/financialaid/ scholarships. FEDERAL LOANS What is the difference between a subsidized and unsubsidized loan? Subsidized Federal Direct Loans are based on need, and no interest is charged until the student leaves school. Unsubsidized Federal Direct Loans are not based on need. A student is charged interest from the time the funds are disbursed. A student may choose to defer the interest, but if this option is selected, the interest will be capitalized (added to the principal amount). The Office of Financial Aid and Scholarship Programs determines a student’s eligibility for the subsidized and/or unsubsidized Federal Direct Loan according to U.S. Department of Education regulations. The loan may be subsidized, unsubsidized, or a combination of the two, up to the annual loan limit. Repayment begins six months after a student ceases to be enrolled at least half time. Does the federal work-study award appear as a credit on my bill? No. The federal work-study award represents the amount a student may earn through a work-study job. A student receives a weekly paycheck for hours actually worked. The student is responsible to review information on how to obtain a work-study job at the Student Employment Services web site, hrses.syr.edu. I am receiving a scholarship from a source other than Syracuse University. What should I do? 3.4% fixed interest – subsidized 6.8% fixed interest - unsubsidized Financial aid applications must be filed annually. Entrance Counseling Session and Master All students are eligible for $2,000. Promissory Note are required for first-time Students whose parents are denied a borrowers. Sign on to myslice.syr.edu and Federal PLUS loan are eligible for an go to “Your Financial Aid To Do List.” additional amount based on student’s year in school; Freshmen and Sophomores The U.S. Government charges a 1.0% fee, $4,000; Juniors and Seniors $5,000 which will reduce the amount of the loan disbursed. Students receiving financial aid are required to report all scholarships and grants they receive from sources other than the University. Students should submit the Educational Resource Form, via their MySlice Financial Aid To Do List. Students who earn scholarships, awards, or grants from outside sources may use these awards to fill any unmet need or reduce their federal loans or work study award. Students who receive a tuition benefit based on a parent’s employment will have their need-based Syracuse University Grant reduced by the amount of that tuition benefit. What is a TAP Award? The New York State Tuition Assistance Program (TAP) is administered by the New York State Higher Education Services Corporation (HESC). All students who are residents of New York State and who complete a FAFSA will receive information directly from HESC regarding TAP eligibility. The TAP estimate listed on your Award Notice is based on information you submitted on your FAFSA. You will be notified of your TAP eligibility by HESC. To check the status of your application, go to the HESC web site at www.hesc.com. 7.9% fixed interest. Parents must apply annually and a FAFSA is required. The U.S. Government charges a 4% fee, which will reduce the amount of the loan disbursed. For additional information, and to begin the PLUS loan application process, visit our web site, syr.edu/financialaid. WORK Federal Work-Study STATE GRANTS New York State Tuition Assistance Program (TAP) A FAFSA must be filed to begin process. ALTERNATIVE FINANCING OPTIONS Monthly Payment Plan Available for all enrolled students Contact SU Office of Bursar Operations. *AWARD AMOUNTS ARE BASED ON THE 2011-2012 ACADEMIC YEAR AS WELL AS FEDERAL, STATE, AND INSTITUTIONAL POLICY, AND ARE SUBJECT TO CHANGE.